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Grayscale Bitcoin Trust
GBTC

Overview Fund Activity

745 hedge funds and large institutions have $2.94B invested in Grayscale Bitcoin Trust in 2025 Q2 according to their latest regulatory filings, with 107 funds opening new positions, 137 increasing their positions, 252 reducing their positions, and 47 closing their positions.

Holders
745
Holders Change
+43
Holders Change %
+6.13%
% of All Funds
10.01%
Holding in Top 10
22
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.3%
New
107
Increased
137
Reduced
252
Closed
47
Calls
$124M
Puts
$29.2M
Net Calls
+$94.9M
Net Calls Change
+$45.7M

Top Buyers

1
Jane Street
1
Jane Street
New York
$86.6M
2
IMC Chicago
2
IMC Chicago
Illinois
$30.8M
3
IC
3
IEQ Capital
California
$9.61M
4
Renaissance Technologies
4
Renaissance Technologies
New York
$6.79M
5
WMG
5
WESCAP Management Group
California
$6.19M

Top Sellers

1
DS
1
DRW Securities
Illinois
$2.06M
2
HKAM
2
Horizon Kinetics Asset Management
New York
$1.23B
3
JSSH
3
J. Safra Sarasin Holding
$0
4
TAA
4
TB Alternative Assets
Cayman Islands
$19.9M
5
AAS
5
Avantax Advisory Services
Texas
$1.46M
Name Market Value Shares Shares
Change 		Shares
Change %
HKAM
1
Horizon Kinetics Asset Management
New York
$1.23B 14,551,191 -145,322 -1%
MCM
2
Multicoin Capital Management
Texas
$112M 1,321,808 – –
LPL Financial
3
LPL Financial
California
$88.4M 1,041,987 -20,618 -2%
Jane Street
4
Jane Street
New York
$86.6M 1,020,326 +700,103 +219%
HighTower Advisors
5
HighTower Advisors
Illinois
$55.1M 649,801 -16,646 -2%
GWM
6
Greenwich Wealth Management
Connecticut
$50.1M 637,137 -3,783 -0.6%
Wealthfront Advisers
7
Wealthfront Advisers
California
$33.7M 396,907 -25,728 -6%
ECM
8
EagleClaw Capital Management
Massachusetts
$33M 388,961 -10,125 -3%
MRI
9
Mad River Investors
Massachusetts
$31.6M 372,381 -100 -0%
IMC Chicago
10
IMC Chicago
Illinois
$30.8M 362,801 +255,980 +240%
MC
11
Moors & Cabot
Massachusetts
$27.3M 322,061 -6,034 -2%
CAM
12
Cresset Asset Management
Illinois
$25M 294,696 -5,280 -2%
OCPWS
13
One Charles Private Wealth Services
Massachusetts
$24.8M 291,784 -1,097 -0.4%
BFA
14
Beaumont Financial Advisors
Massachusetts
$24.3M 285,961 -12,084 -4%
KWA
15
Kingswood Wealth Advisors
California
$23.9M 282,255 -4,119 -1%
Cambridge Investment Research Advisors
16
Cambridge Investment Research Advisors
Iowa
$23M 270,931 -1,625 -0.6%
Commonwealth Equity Services
17
Commonwealth Equity Services
Massachusetts
$21M 247,459 -9,113 -4%
TAA
18
TB Alternative Assets
Cayman Islands
$19.9M 234,675 -55,528 -19%
Focus Partners Wealth
19
Focus Partners Wealth
Massachusetts
$18.5M 218,342 -15,232 -7%
Wealth Enhancement Advisory Services
20
Wealth Enhancement Advisory Services
Minnesota
$16.4M 190,564 -14,201 -7%
Mariner
21
Mariner
Kansas
$14.4M 169,276 +3,388 +2%
AC
22
Aristides Capital
Kentucky
$14M 164,931 – –
VF
23
Virtu Financial
New York
$13.4M 157,710 +44,943 +40%
RC
24
RBF Capital
California
$12.7M 150,000 – –
AWP
25
Atlas Wealth Partners
Pennsylvania
$12.5M 147,923 -4,945 -3%
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